Staunton spectator. [volume] (Staunton, Va.) 1849-1896, 1887-05-25
IN SPECTATOR AND GENERAL ADVERTISERS

MISSION OF THE COUNCIL OF FOREIGN BOND
HOLDERS.
ConsOls OF
1s7l.....sI4,2so 100000 100 per cent. sl4. 2SO, 900
July !, '87-s 3,5o0,O00
Less tend
cred. say. 125.OOo
ss.a5,oOo
% Dasn pag 70
per cent? 1,S50,C0O
To be fund
ed at so
per CENTS 2,o25.O0 80 per cent. 100000
T en-forties
of lS79..-..s 100000 100 per cent. 100000
Coupons to
July l, 1878 900
Less tend
cred. say $4,000
100000
Retire by
cash pay
per cents $4,000
To be fund
ed at70per
cent..........S $50 ,0O0 ~ per cent. S5o,OOO
Interest on
gistered
consols and
ten-forties. $4,000 70 per cent. 2s.4oO
Total new
secured ~.
debt......... SIS, BYE, 4OO
Unfu nded
in'hands of
public, say 3,080,OO0
Less, held
by United
States gov
eminent. 5S1, 800
$ 2,40s,aOO SO per cent. l.72s.75s
Interest On
above.-.-."S 2,26O, GOO
Less inter-
est on
bonds held
by United
States....- Uo,uV
1,5l2,OOO
or which
say 80 per
per cents lss7.sOO SO per cent. s74.sl4
And, say 10
per cent,
Gems c $4,000 so per cent U.lOO
s2a ,273572
more than 80 per cent will be fund
ed; deduct therefore ,667
81, ea6. sO5
Riddlebergrr bonds in the hands of
the public.......... 5ztl,UOO
s28,8g7 .9o5
Requiring at per cent, SsO6.7S0.
REPLY OF coNMITTEE TO THIRD PROPOSITIONS.
To this proposition, your committee replied
that they were willing to continue negotiations
must include ali bonds held by the state-bonds
to run so years at 8 per cent per annum, re-
deemable in 10 years at the pleasure OF the
State.
MEMoRANpuM-LAsT PROPOSITION.
/. That the interest accruing from July i, 1887,
on the consoi bonds, be reduced to per cent.
per annum during the whole period of their
q That the interest accruing from July ], 1887,
on the ten-forty bonds, be reduced to % per
cent. per annum during the whole period of
g. That the overdue coupons on the consol
and ten. forty bond up to July, 1887, inclusive.
be discharged as to such part thereof as the
provide In cash at the rate of 80 GENTS on the
dollar and the remainder to be funded at rs
per cent. of the face value into new secured
bonds bearing per cent interest during the
whole period of their currency. and to run for
period to be arranged.
4. That the principal of the new bonds and of
the consols and ten forties, be redeemabie at
the option. OF the State either by purchase or
drawings by ballot, and in the latter case.
(d) AS to the per cent. bonds, by payment
of IS per cent, of their face value.
% AS to the "a per cent. bonds. by payment
of So per cent. of their face value.
5. That after the expiration of five years. an
accumulatfve sinking fund Of "A per cent. per
annum to be increased after further period
amount Of consoIs. -forties, and new bonds
be provided for redemption by drawings ut IS
and So per cent, respectively. as above mem
toned.
s. That the arrear interest on the unfunded
debt from 1885 up to July l, 1887. inclusive, be
funded under the Riddleberger act at the rate
7. It is desirable, as we'll in tbs Interests OF
the State as of the bondholders. that the bonds
Fund and by the Board of Public Works be
cancelled.
5. By the above proposal. the tax-recsivable
coupon bondholders would Immediately on re-
demption teven assuming that the whole of
the overdue coupons were funded into new
1a ey
render'tb capital sum OF upwards OF $4,000, 00Q
| and pending redemption, would surrender q
| est, az com pared with the amount now pay
| sbe under tae terms OF the bonds, without
reckoning In ~ any % way the increased rates pay
The total capital ofthe whole debt to be provid-
ed for by the State would thus be brought to
s25 600 required by the terms of the resolu-
| ton of the joint committee of the 9th of May,
| If the bonds held by the Sinking Fund and
| The State may, by rs-establishing her credit.
confidently look to being able after very few
years, to raise anew loan If desiring to do SO.
| sufficient TO redeem the per cent. and ~ per
cent. bends at the reduced rates. on terms
which, from a financial point of view, will
give further benefit to tho state.
g. The details for carrying out this arrange
nent, II accepted, will be the subject OF discus
| sion and negotiation with thejoint committee,
possible way the legitimate requirements Of
toe State whilst conserving the bondholders'
interest.
EDWARD THORNTON.
g. N. BRAIrHwAITE
Richmond. May IL. 1887.
THE LAST PROPOSITION OF THE COMMISSION
rABULATED FROM THE PRECEDING MEMoRAH-
pp4.
Cohs6is .... $50 09G
Coupons aud interest on .,r /, 2 Z
consols and ten es..S4.42400O
Less Is per cent. j. tO6.OOe
sl7;54S 900
Tsn-sor,ies ...-. 1885,, goo
Other securities TO be FUND. 3''4
ed In Riddlebergers ....... 81, $50 900
Riddlebergers In hands OF > .
public and literary fund 100000
sss2sos. coo
Interest on s24 s94 45e at per cent? s749 1888 so
4tersst on 81 $50 900 at 21 per ceut... 1884, 100 90
1884, 5ss 50
E$-==-
RICHMOND, VA May IL, 1887,
| SIR Ediodrd thornton, q. c. p , Cbairmarl Cons
| mission Council Foreign Bondhoiders:
Dtar Sir,-This subcommittee. representing
tao )mmittee on the part Of the State OF vir.
glnia. was directed by said comm,..ee 10 auv,se
E9u genteMen representing the Council of
| Foreign Sohanolders. that it cannot recon-
mend to the General Assembly of Virginia the
acceptance OF your proposition as contained in
TO day indeed, is the sense o. the ofnt COM
mittee that II is useless to report the propo-
sltoDI because
First. Taking the Indebtedness of the State
| inclusive OF the bonds held by schools and COL
| leges, and exclusive of the bonds held by the
state. other than the Literary Fund.- and after
deducting two thirds, Virginia's portion of the
dsbt due the United states, we find by apply
| ing ngures to your proposition that the whole
debt OF virginia for which we would have to